Corporate rescue draft

Corporate rescue draft

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The drafted corporate rescue rules is "effective" from 1 Jan 15 but hasn't been enacted. Can this draft be relied upon for transactions post 1 Jan 15 but before enactment?

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By Portia Nina Levin
25th Apr 2015 17:18

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Replying to gainsborough:
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By pd991
25th Feb 2015 15:40

"rely on the legislation"

There is no company in particular, we just received a general query and I wasn't sure of the answer. When I say rely on the legislation, to define as you request, if a company in financial distress were to submit a corporation tax return tomorrow that included a release post 1 Jan 15 that was relevant to the draft legislation in question, would they treat the release as taxable or non-taxable as per the draft legislation?

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By pd991
15th Jul 2015 09:34

Rely on the legislation

?

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By User deleted
25th Feb 2015 15:50

You've answered your own question

Rely on the legislation.

Draft legislation is not legislation.

That is the facetious response. In reality, if there were some reason why the return had to be filed before the legislation were enacted my treatment would depend on how likely I thought the legislation would be enacted as drafted. In most cases I would probably file on the basis of the revised legislation, to the extent that it applies to the return period - making suitable disclosure, and being prepared to amend if necessary.

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By Portia Nina Levin
25th Apr 2015 17:19

(No subject)

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